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SEACOR Holdings Announces Third Quarter Results

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FORT LAUDERDALE, FL--(Marketwire - October 22, 2008) - SEACOR Holdings Inc. (NYSE: CKH)
announced net income for the third quarter ended September 30, 2008 of
$75.6 million, or $3.20 per diluted share, on operating revenues of $437.6
million. For the nine months ended September 30, 2008, net income was
$151.9 million, or $6.19 per diluted share, on operating revenues of
$1,201.0 million.

For the quarter ended September 30, 2007, net income was $70.3 million, or
$2.66 per diluted share, on operating revenues of $359.9 million. For the
nine months ended September 30, 2007, net income was $173.7 million, or
$6.44 per diluted share, on operating revenues of $996.1 million.

Net income for the preceding quarter ended June 30, 2008 was $38.4 million,
or $1.57 per diluted share, on operating revenues of $409.0 million.
Comparison of results for the third quarter ended September 30, 2008 with
the preceding quarter ended June 30, 2008 is included in the discussion
below.

Highlights for the Quarter

Offshore Marine Services -- Operating income in the third quarter was $84.5
million on operating revenues of $196.9 million compared with operating
income of $51.5 million on operating revenues of $171.2 million in the
preceding quarter. Third quarter results included $13.5 million in gains on
asset dispositions compared with $14.4 million in gains in the preceding
quarter.

Excluding the impact of gains on asset dispositions, operating income in
the third quarter was $33.8 million higher than in the preceding quarter.
The improvement was primarily due to an increase in time charter revenues,
particularly in the U.S. Gulf of Mexico where the Company's large AHTS
vessels completed their regulatory repair and upgrade program during the
quarter. Out-of-service time for these vessels was 26 days in the third
quarter compared with 168 days in the preceding quarter. Operating revenues
were also higher in South America where vessels, having completed
mobilizations, commenced new charters. Overall operating expenses were
lower primarily as a result of reduced regulatory drydocking and
mobilization activity and lower insurance expense. Administrative and
general expenses were lower primarily due to a reduction in international
staff severance expenses, partially offset by higher expenses related to
hurricane disruption in the U.S. Gulf of Mexico.

The number of days available for charter in the third quarter decreased by
735, or 4.5%, primarily as a result of a net reduction in fleet count.
Overall utilization increased from 80.5% to 87.7% and overall average day
rates were higher at $13,161 per day compared with $12,182 per day in the
preceding quarter.

One new towing supply vessel was delivered during the third quarter.

Marine Transportation Services -- Marine Transportation Services reported
an operating loss in the third quarter of $4.3 million on operating
revenues of $27.5 million compared with operating income of $2.4 million on
operating revenues of $28.8 million in the preceding quarter.

Operating results were impacted by 117 days of out-of-service time during
the third quarter for two vessels undergoing regulatory drydockings in Asia
resulting in a combined operating loss of $7.4 million. The Seabulk Arctic
returned to service on October 7, 2008 and the Seabulk Pride returned to
service on October 21, 2008.

Inland River Services -- Operating income in the third quarter was $11.6
million on operating revenues of $36.5 million compared with operating
income of $7.5 million on operating revenues of $33.3 million in the
preceding quarter. Third quarter results included $4.1 million in gains on
asset dispositions compared with $1.5 million in gains in the preceding
quarter.

Excluding the impact of gains on asset dispositions, operating income was
$1.4 million higher in the third quarter. The improvement was primarily due
to higher freight rates and increased activity on the lower Mississippi
River in support of the beginning of the grain harvest. Operating expenses
were generally in line with the increased activity levels but were also
affected by higher maintenance and repair costs for towboats and liquid
tank barges.

Aviation Services -- Operating income in the third quarter was $10.1
million on operating revenues of $73.5 million compared with operating
income of $6.7 million on operating revenues of $63.8 million in the
preceding quarter. Third quarter results included $1.3 million in gains on
asset dispositions compared with $3.2 million in gains in the preceding
quarter.

Excluding the impact of gains on asset dispositions, operating income was
$5.2 million higher in the third quarter. The improvement in operating
income was primarily due to additional contracts in the U.S. Gulf of
Mexico, incremental activity generated from Hurricanes Gustav and Ike, and
seasonal flightseeing, firefighting and mineral exploration activities in
Alaska. Operating expenses were generally in line with the increased
activity levels but were also affected by higher maintenance costs due to
the timing of component and fleet repair and maintenance, higher expenses
related to hurricane disruption in the U.S. Gulf of Mexico and higher
depreciation on newly acquired assets.

Environmental Services -- Operating income in the third quarter was $4.3
million on operating revenues of $42.2 million compared with operating
income of $1.7 million on operating revenues of $38.0 million in the
preceding quarter. The improvement in operating income was largely due to
an increase in response service activity related to Hurricane Gustav.

Commodity Trading -- SEACOR's commodity trading group currently focuses on
renewable fuels and rice. Operating income in the third quarter was $5.2
million on operating revenues of $44.3 million compared with operating
income of $6.8 million on operating revenues of $55.4 million in the
preceding quarter. Operating income from renewable fuel and rice product
sales were lower in the third quarter partially offset by higher freight
and rental revenues.

Harbor and Offshore Towing Services -- Operating income in the third
quarter was $3.1 million on operating revenues of $19.5 million compared
with operating income of $3.1 million on operating revenues of $19.9
million in the preceding quarter.

Interest Income -- Interest income was $4.3 million in the third quarter
compared with $5.4 million in the preceding quarter. The decrease was
primarily due to lower invested cash balances partially offset by higher
interest income on the Company's bond investments.

Interest Expense -- Interest expense was $14.4 million in the third quarter
compared with $12.7 million in the prior quarter. The increase was
primarily due to lower capitalized interest, higher interest expense on
capital lease obligations and interest on foreign tax settlements.

Derivatives -- Derivative losses were $8.4 million in the third quarter
compared with losses of $7.1 million in the preceding quarter. The losses
in the third quarter were primarily due to losses on foreign currency
forward exchange, option and future contracts partially offset by gains on
equity index and options.

Foreign Currencies -- Foreign currency losses were $6.7 million in the
third quarter compared with gains of $0.6 million in the preceding quarter.
The losses in the third quarter were primarily due to the strengthening of
the U.S. dollar versus the pound sterling.

Marketable Securities -- Marketable security gains were $36.0 million in
the third quarter compared with gains of $0.4 million in the preceding
quarter. In addition, the Company reported other comprehensive losses
relating to its available-for-sale marketable securities of $2.1 million,
net of tax, in stockholders' equity during the third quarter.

Equity in Earnings of 50% or Less Owned Companies -- Equity in earnings
from joint ventures was $2.2 million in the third quarter compared with
equity in earnings of $1.3 million in the preceding quarter. The increase
was primarily due to an overall improvement in the operating results of the
Company's Offshore Marine Services' joint ventures. This increase was
partially offset by a $1.3 million loss, net of tax, recognized by the
Company resulting from an impairment charge on prime broker exposure
recorded in one of its Inland River Services' joint ventures.

Stock and Debt Repurchases -- During the third quarter, the Company
purchased 1,166,000 shares of its common stock at an average price of
$83.43 per share. At the end of the quarter, 19,975,727 shares of SEACOR's
common stock remained outstanding.

Capital Commitments -- The Company's unfunded capital commitments as of
September 30, 2008, consisted primarily of offshore marine vessels,
helicopters, inland river barges and inland river towboats and totaled
$276.2 million, of which $114.2 million is payable during the remainder of
2008 and the balance payable through 2010. Of the total unfunded capital
commitments, $35.1 million may be terminated without further liability
other than the payment of liquidated damages of $3.4 million in the
aggregate. As of September 30, 2008, the Company held balances of cash,
cash equivalents, restricted cash, available-for-sale marketable
securities, construction reserve funds and title XI reserve funds totaling
$688.3 million.

SEACOR is a global provider of marine support and transportation services,
primarily to the energy and chemical industries. SEACOR and its
subsidiaries provide customers with a full suite of marine-related services
including offshore services, U.S. coastwise shipping, inland river
services, aviation services, environmental services, and offshore and
harbor towing services. SEACOR is focused on providing highly responsive
local service, combined with the highest safety standards, innovative
technology, modern efficient equipment, and dedicated, professional
employees.

This release includes "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements concerning management's expectations, strategic objectives,
business prospects, anticipated economic performance and financial
condition and other similar matters involve known and unknown risks,
uncertainties and other important factors that could cause the actual
results, performance or achievements of results to differ materially from
any future results, performance or achievements discussed or implied by
such forward-looking statements. Such risks, uncertainties and other
important factors include, among others: the unprecedented decline in
valuations in the global financial markets and illiquidity in the credit
sectors, including, interest rate fluctuations, availability of credit,
inflation rates, change in laws, trade barriers, commodity prices and
currency exchange fluctuations, the cyclical nature of the oil and gas
industry, loss of U.S. coastwise endorsement for the Seabulk Trader and
Seabulk Challenge, retrofitted double-hull tankers, if the Company is
unsuccessful in litigation instructing the U.S. Coast Guard to revoke their
coastwise charters, activity in foreign countries and changes in foreign
political, military and economic conditions, changes in foreign and
domestic oil and gas exploration and production activity, safety record
requirements related to Offshore Marine Services, Marine Transportation
Services and Aviation Services, decreased demand for Marine Transportation
Services and Harbor and Offshore Towing Services due to construction of
additional refined petroleum product, natural gas or crude oil pipelines or
due to decreased demand for refined petroleum products, crude oil or
chemical products or a change in existing methods of delivery, compliance
with U.S. and foreign government laws and regulations, including
environmental laws and regulations, the dependence of Offshore Marine
Services, Marine Transportation Services and Aviation Services on several
customers, consolidation of the Company's customer base, the ongoing need
to replace aging vessels and aircraft, industry fleet capacity,
restrictions imposed by the Shipping Acts and Aviation Acts on the amount
of foreign ownership of the Company's Common Stock, increased competition
if the Jones Act is repealed, operational risks of Offshore Marine
Services, Marine Transportation Services, Harbor and Offshore Towing
Services and Aviation Services, effects of adverse weather conditions and
seasonality, future phase-out of Marine Transportation Services'
double-bottom tanker, dependence of spill response revenue on the number
and size of spills and upon continuing government regulation in this area
and Environmental Services' ability to comply with such regulation and
other governmental regulation, changes in National Response Corporations'
Oil Spill Removal Organization classification, liability in connection with
providing spill response services, the level of grain export volume, the
effect of fuel prices on barge towing costs, variability in freight rates
for inland river barges, the effect of international economic and political
factors in Inland River Services' operations, adequacy of insurance
coverage, the attraction and retention of qualified personnel by the
Company and various other matters and factors, many of which are beyond the
Company's control. In addition, these statements constitute the Company's
cautionary statements under the Private Securities Litigation Reform Act of
1995. It is not possible to predict or identify all such factors.
Consequently, the following should not be considered a complete discussion
of all potential risks or uncertainties. The words "estimate," "project,"
"intend," "believe," "plan" and similar expressions are intended to
identify forward-looking statements. Forward-looking statements speak only
as of the date of the document in which they are made. The Company
disclaims any obligation or undertaking to provide any updates or revisions
to any forward-looking statement to reflect any change in the Company's
expectations or any change in events, conditions or circumstances on which
the forward-looking statement is based. The forward-looking statements in
this release should be evaluated together with the many uncertainties that
affect the Company's businesses, particularly those mentioned under
"Forward-Looking Statements" in Item 7 on the Company's Form 10-K and
SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which is
incorporated by reference.